Investment Rating - Maintain "Buy" rating for Cambricon (688256 SH) [1] Core Views - Cambricon's revenue in the first three quarters of 2024 reached 190 million yuan, a YoY increase of 27 1%, indicating a recovery in market expansion despite being on the "entity list" [2] - The company's gross margin in Q3 2024 was 51 2%, a QoQ decline of 14 9 percentage points, primarily due to procurement costs [3] - Cambricon's R&D expenses for the first three quarters of 2024 were 660 million yuan, reflecting continued high investment in innovation [4] - The company is expected to achieve revenues of 1 476 billion yuan, 3 491 billion yuan, and 5 003 billion yuan in 2024, 2025, and 2026, respectively, with net profits of -748 million yuan, -55 million yuan, and 504 million yuan [5] Financial Performance - In Q3 2024, Cambricon achieved revenue of 120 million yuan, a QoQ increase of 208 3%, and a net loss of 190 million yuan, a QoQ reduction of 110 million yuan [3] - Prepaid accounts and inventory increased significantly, with prepaid accounts reaching 850 million yuan and inventory reaching 1 02 billion yuan at the end of Q3 2024, indicating active preparation for future deliveries [3] - The company's R&D team consists of 727 members, with 78 82% holding master's degrees or higher, supporting its technological innovation [4] Industry and Market Performance - Cambricon operates in the electronics/semiconductor industry, with its stock price showing significant growth, including a 380% increase in market performance [1] - The company's absolute and relative stock price increases were 84 77% and 79 76%, respectively, compared to the CSI 300 index [1] Strategic Adjustments - Cambricon is developing a new generation of intelligent processor microarchitecture and instruction sets, focusing on optimizing scenarios such as natural language processing, video image generation, and recommendation systems [4] - The company has adjusted its R&D strategy by suspending projects with lower expected gross margins, which is expected to alleviate financial pressure in the short term and improve profitability in the long term [4]

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company has shown significant revenue growth, with a 27.09% year-on-year increase in revenue for the first three quarters of 2024, reaching 185 million yuan, and a remarkable 284.59% increase in Q3 alone, amounting to 121 million yuan [1]. - The company is focusing on expanding its market presence and has adjusted its strategy by pausing low-margin R&D projects, leading to a decrease in R&D expenditure as a percentage of revenue [1]. - Inventory levels have surged to 1.015 billion yuan by the end of Q3 2024, up from 235 million yuan at the end of the first half of 2024, indicating confidence in future growth [1]. - The company has established partnerships with leading firms across various industries, enhancing its brand reputation and market position [1]. - The company is actively investing in R&D for next-generation intelligent processors and software platforms, which are crucial for long-term growth [1]. Financial Forecasts - Projected revenues for 2024, 2025, and 2026 are 1.536 billion yuan, 3.544 billion yuan, and 5.015 billion yuan, respectively, with corresponding price-to-sales (PS) ratios of 112X, 48X, and 34X [2][4]. - The net profit attributable to shareholders is expected to improve from a loss of 257 million yuan in 2024 to a profit of 323 million yuan in 2026 [2][4]. - The company anticipates a significant increase in EBIT from -372 million yuan in 2024 to 200 million yuan in 2026, reflecting improved operational efficiency [4].

Investment Rating - Maintained "Overweight" rating [1] Core Views - The company's revenue in Q3 2024 grew significantly by 284 59% YoY, driven by market expansion and the development of core processor chips in the AI field [1] - Despite the high revenue growth, the gross margin is under temporary pressure due to market expansion and delivery timing, with a Q3 gross margin of 51 20%, down 14 92pct YoY and 14 88pct QoQ [1] - Prepayments and inventory increased by 10 84 billion yuan in Q3 2024, indicating improved delivery capabilities and a positive outlook for future performance [1][2] - The company has adjusted its strategy by suspending low-margin R&D projects, leading to a reduction in R&D expenses by 8 13% YoY to 659 million yuan [3][5] - The company is expected to benefit from the growing demand for computing power driven by large model development, with projected revenues of 1 4 billion yuan in 2024, 2 493 billion yuan in 2025, and 3 484 billion yuan in 2026 [5] Financial Performance - Q3 2024 revenue reached 121 million yuan, a 284 59% YoY increase, while net profit attributable to shareholders was -194 million yuan, a 26 06% YoY improvement [1] - For the first three quarters of 2024, revenue was 185 million yuan, up 27 09% YoY, with a net profit attributable to shareholders of -724 million yuan, a 10 31% YoY improvement [1] - Gross margin for the first three quarters of 2024 was 55 23%, down 14 61pct YoY [1] - Prepayments increased by 304 million yuan compared to H1 2024, and inventory grew by 780 million yuan, reflecting improved supply chain conditions [1] - Accounts receivable remained stable, increasing by 85 million yuan compared to H1 2024 [1] Strategic Adjustments - The company has paused low-margin R&D projects, leading to a reduction in R&D expenses and a more focused R&D team of 727 people, down 253 YoY [3][5] - The company continues to prioritize independent innovation and efficient R&D, with ongoing projects in high-end and mid-range cloud AI chips, edge, and automotive AI chips [5] Market and Valuation - The company's stock price has shown strong performance, with a 56 9% increase over the past month and a 323% increase over the past year, outperforming the CSI 300 index [1] - The current market capitalization is 189 358 38 million yuan, with a stock price of 453 60 yuan [1] - The company is valued at 135x PS for 2024, 76x PS for 2025, and 54x PS for 2026, reflecting its growth potential in the AI chip market [5] Future Outlook - The company is expected to see continued revenue growth in Q4 2024 and beyond, driven by internet and other orders, as well as product deliveries [2] - The company's ability to provide cloud-edge-end integrated, software-hardware collaborative, and training-inference fused AI chip products positions it well to benefit from the growing demand for computing power [5]

证券代码：688256 证券简称：寒武纪 公告编号：2024-049 中科寒武纪科技股份有限公司 关于以集中竞价交易方式回购公司股份的进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 特此公告。 中科寒武纪科技股份有限公司董事会 公司于 2024 年 7 月 26 日召开第二届董事会第二十次会议，审议通过了《关 于以集中竞价交易方式回购公司股份方案的议案》，同意公司使用自有资金通过集 中竞价交易方式进行股份回购。回购股份将全部用于员工持股计划或股权激励， 回购价格不超过 297.77 元/股（含），回购资金总额不低于人民币 2,000 万元（含）， 不超过人民币 4,000 万元（含），回购期限为自董事会审议通过本次回购方案之日 起 12 个月内。 具 体 内 容 详 见 公 司 于 2024 年 7 月 27 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）上披露的《关于以集中竞价交易方式回购公司股份方案的公告》 （公告编号：2024-028）、《关于以集中竞价交易方式回购 ...

证券代码：688256 证券简称：寒武纪 公告编号：2024-048 中科寒武纪科技股份有限公司 2024 年第二次临时股东大会决议公告 重要内容提示： 本次会议是否有被否决议案：无 一、 会议召开和出席情况 （一） 股东大会召开的时间：2024 年 11 月 1 日 （二） 股东大会召开的地点：北京市海淀区知春路 25 号北京丽亭华苑酒店二层 金辉 6 厅 （三） 出席会议的普通股股东、特别表决权股东、恢复表决权的优先股股东及 其持有表决权数量的情况： | 1、出席会议的股东和代理人人数 | 773 | | --- | --- | | 普通股股东人数 | 773 | | 2、出席会议的股东所持有的表决权数量 | 263,008,109 | | 普通股股东所持有表决权数量 | 263,008,109 | | 3、出席会议的股东所持有表决权数量占公司表决权数量的比 | 63.2352 | | 例（%） | | | 普通股股东所持有表决权数量占公司表决权数量的比例（%） | 63.2352 | 注：截至本次股东大会股权登记日，公司回购专用账户中股份数为 1,536,222 股，不享有股 东大会表决权。 本公司董事 ...

北京市中伦律师事务所 关于中科寒武纪科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 二〇二四年十一月 北京市中伦律师事务所 关于中科寒武纪科技股份有限公司 2024 年第二次临时股东大会的 法律意见书 北京市中伦律师事务所（以下简称"本所"）接受中科寒武纪科技股份有限 公司（以下简称"公司"）委托，指派本所律师列席公司 2024 年第二次临时股东 大会，并出具本法律意见书。 为出具本法律意见书，本所律师列席了公司 2024 年第二次临时股东大会， 并根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国证 券法》（以下简称"《证券法》"）、《上市公司股东大会规则》（以下简称"《股东大 会规则》"）、《律师事务所从事证券法律业务管理办法》等法律、法规和规范性文 件的要求以及《中科寒武纪科技股份有限公司章程》（以下简称"《公司章程》"）， 按照律师行业公认的业务标准、道德规范和勤勉尽责精神，查阅了本所律师认为 出具法律意见所必须查阅的文件，对公司本次股东大会的召集和召开程序、出席 会议人员资格（但不包含网络投票股东资格）、表决方式、表决程序的合法性、 有效性进行了认真核查。 公司 ...

Investment Rating - Maintain "Buy" rating for Cambricon (688256 SH) [3][5] Core Views - Cambricon's inventory surged significantly in 24Q3, reaching 1 02 billion, a substantial increase from 130 million in 24Q1 and 240 million in 24Q2 [1] - 24Q3 revenue reached 120 million, a yoy increase of 285% and qoq increase of 208%, marking a historical high for the company [1] - The company's gross margin in 24Q3 was 51 2%, a qoq decrease of 14 9 percentage points, but future margin trends are expected to be more indicative of performance [1] - Cambricon is actively adapting to the domestic AI model ecosystem, with significant updates to its software framework and hardware support, indicating potential for future growth [2] - The domestic AI chip market is expected to grow rapidly, with Cambricon positioned as a leading player benefiting from the AI computing power trend [3] Financial Performance - 24Q3 net cash flow from operating activities was -1 18 billion, primarily due to increased procurement expenditures [1] - 24Q3 net profit attributable to the parent company was -190 million, a yoy increase of 26% and qoq increase of 36% [1] - Revenue forecasts for 2024-2026 have been revised upward to 1 527 billion, 2 891 billion, and 4 975 billion, respectively [3] - The company's P/S ratios for 2024-2026 are projected at 122x, 64x, and 37x, reflecting strong growth expectations [3] Industry and Market Context - 2024 is seen as a pivotal year for the rise of domestic AI models, with increasing demand for inference computing power [2] - Cambricon's efforts in software ecosystem development, including the release of new frameworks and hardware support, are expected to enhance its competitive position [2] - The company's inventory and prepayment levels suggest strong supply readiness, with potential for significant performance in 24Q4 [1][3] Financial Projections - Revenue growth rates for 2024-2026 are projected at 115%, 89%, and 72%, respectively [3] - Net profit attributable to the parent company is expected to improve significantly, with growth rates of 49%, 128%, and 848% for 2024-2026 [3] - The company's gross margin is expected to remain stable at around 69% over the forecast period [3]

Financial Performance - The company's operating revenue for Q3 2024 reached ¥120,541,234.02, representing a 284.59% increase compared to the same period last year[2] - Total operating revenue for the first three quarters of 2024 reached ¥185,306,577.18, an increase from ¥145,810,791.32 in the same period of 2023, representing a growth of approximately 27%[17] - The company reported a net loss of ¥727,912,046.15 for the first three quarters of 2024, an improvement from a loss of ¥831,041,680.06 in the same period of 2023[17] - The total profit (loss) for the first three quarters of 2024 was -CNY 728,262,087.22, an improvement from -CNY 830,616,314.38 in the same period of 2023[18] - The net loss attributable to shareholders of the parent company for the first three quarters of 2024 was -CNY 724,491,743.66, compared to -CNY 807,734,092.59 in 2023, indicating a reduction in losses[18] Expenses and Costs - Research and development expenses totaled ¥211,570,437.75 for the quarter, a decrease of 9.91% year-on-year, and accounted for 175.52% of operating revenue, down 573.77 percentage points[3] - Research and development expenses for the first three quarters of 2024 amounted to ¥659,046,400.91, a decrease from ¥717,399,523.60 in 2023, reflecting a reduction of approximately 8.1%[17] - Total operating costs for the first three quarters of 2024 were ¥1,029,072,771.42, compared to ¥987,829,458.88 in 2023, indicating an increase of about 4.2%[17] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,094,803,451.46, a decrease of 5.04% from the end of the previous year[3] - Non-current assets totaled ¥837,524,435.13 as of September 30, 2024, up from ¥770,519,254.20 at the end of 2023, marking an increase of about 8.7%[16] - Total liabilities increased to ¥948,156,132.43 as of September 30, 2024, compared to ¥688,507,033.01 at the end of 2023, representing a growth of approximately 37.7%[16] - The company's total assets decreased to ¥6,094,803,451.46 as of September 30, 2024, down from ¥6,418,036,122.33 at the end of 2023, a decline of about 5%[16] - The company’s equity attributable to shareholders decreased to ¥5,138,268,117.21 as of September 30, 2024, from ¥5,649,838,776.60 at the end of 2023, indicating a decline of approximately 9%[16] Cash Flow - The company reported a negative cash flow from operating activities of -¥1,178,491,408.15 for the quarter, primarily due to increased procurement expenses[5] - The net cash flow from operating activities for the first three quarters of 2024 was -CNY 1,809,711,668.38, worsening from -CNY 524,110,846.76 in 2023[19] - The company reported a significant increase in cash outflow for purchasing goods and services, totaling CNY 1,888,928,541.73 in 2024 compared to CNY 277,030,860.44 in 2023[19] - Investment activities generated a net cash outflow of -CNY 1,209,046,472.37 in the first three quarters of 2024, an improvement from -CNY 1,838,059,333.27 in 2023[20] - The company received CNY 5,105,000,000.00 from investment recoveries in 2024, compared to CNY 4,815,000,000.00 in 2023, indicating a positive trend in investment recoveries[19] Shareholder Information - The total equity attributable to shareholders was ¥5,138,268,117.21, down 9.05% from the previous year[3] - The number of common shareholders at the end of the reporting period was 26,469[6] - The top shareholder, Chen Tianshi, holds 119,530,650 shares, representing 28.69% of the total shares[9] - The company has initiated a share repurchase plan with a budget between RMB 20 million and RMB 40 million, with a maximum repurchase price of RMB 297.77 per share[11][12] - The company has not yet implemented the share repurchase as of September 30, 2024[12] Inventory and Receivables - Inventory has increased to RMB 1,015,163,283.49 compared to RMB 99,401,068.16 previously[13] - The company’s accounts receivable decreased slightly to RMB 605,052,156.47 from RMB 643,921,052.59[13] - The company’s prepayments increased significantly to RMB 854,380,528.90 from RMB 147,897,255.53[13] Strategic Adjustments - The company has adjusted its strategy, leading to a reduction in R&D expenses and a focus on projects with higher expected gross margins[5] - The company has not disclosed any new product or technology developments in the current report[10] - The company has not reported any new product launches or significant market expansions during this period[17]

中科寒武纪科技股份有限公司 2024 年第二次临时股东大会会议资料 2 中科寒武纪科技股份有限公司 2024 年第二次临时股东大会会议资料 2024 年第二次临时股东大会会议须知 为了维护中科寒武纪科技股份有限公司（以下简称"公司"、"寒武纪"、 "本公司"）全体股东的合法权益，确保股东大会的正常秩序和议事效率，保证 股东大会的顺利进行，根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《上市公司股东大会规 则》以及《中科寒武纪科技股份有限公司章程》（以下简称"《公司章程》"） 《中科寒武纪科技股份有限公司股东大会议事规则》等有关规定，特制定 2024 年第二次临时股东大会会议须知： 一、股东大会设会务组，负责会议的组织工作，协调处理相关事宜。 证券代码：688256 证券简称：寒武纪 中科寒武纪科技股份有限公司 2024 年第二次临时股东大会会议资料 2024 年 11 月 中科寒武纪科技股份有限公司 2024 年第二次临时股东大会会议资料 2024 年第二次临时股东大会会议资料 目 录 | 2024 | 年第二次临时股东大会会议须知 3 | | -- ...

证券代码：688256 证券简称：寒武纪 公告编号：2024-047 中科寒武纪科技股份有限公司 关于召开 2024 年第二次临时股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 （一） 股东大会类型和届次 2024 年第二次临时股东大会 召开日期时间：2024 年 11 月 1 日 14 点 30 分 召开地点：北京市海淀区知春路 25 号北京丽亭华苑酒店二层金辉 6 厅 （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2024 年 11 月 1 日 至 2024 年 11 月 1 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易时间段，即 9:15-9:25，9:30-11:30，13:00-15:00；通过互联 股东大会召开日期：2024年11月1日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 重要内容提示： 一、 召开会议的基本情况 （二） 股东大会召集人：董事会 ...